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Investors with a short-term perspective can buy the stock of GTPL Hathway at current levels. The stock has been in a long-term uptrend since it bottomed out at ₹32 in March 2020. Following a corrective decline, the stock took support at ₹110 in March this year and continued to trend upwards. Since then, the stock has been in a medium-term uptrend. On Monday, the stock jumped 12 per cent with extraordinary volume, breaking above an immediate resistance at ₹204. This rally has strengthened the medium-term uptrend. The stock trades well above the 21- and 50-day moving averages.
The daily and the weekly relative strength index are featuring in the bullish zone backing the uptrend. Besides, the daily as well as the weekly price rate of change indicators are hovering in the positive territory implying buying interest. The short-term outlook is bullish for GTPL Hathway. It has a potential to extend the uptrend and reach the price targets of ₹236 and ₹241 in the ensuing trading sessions.
Traders can buy the stock with a stop-loss at ₹221 levels.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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